There is still no sign that Michael Schumacher will extend his contract as a Ferrari advisor beyond 2009.

There is still no sign that Michael Schumacher will extend his contract as a Ferrari advisor beyond 2009.

The seven time world champion retired in 2006 but was retained for a non-racing role on a 5 million (euro) annual salary.

"There is no news," Schumacher's manager Willi Weber said in Budapest, where he is attending the Hungarian grand prix with his new charge, GP2 driver Nico Hulkenberg.

"At the end of the summer we will begin the negotiations," the German added.

Weber raised the possibility that the two sides will part company.

"Without Ferrari Michael has enough things to do, I have no doubt," Weber explained.

As well as Ferrari, Schumacher is under contract with five other companies: his cap sponsor Deutsche Vermogensberatung, Shell, mineral water brand Rosbacher, Omega watches and Bacardi rum. The 40-year-old is also an ambassador for the FIA and UNESCO.

The German newspaper Bild am Sonntag said it is Ferrari that is hesitant about inking another contract with Schumacher.